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Mortgage comparison: 15 years vs. 30 years

Determining which mortgage term is right for you can be a challenge. With a 15 year mortgage you will pay significantly less interest, but only if you can afford the higher monthly payment. Use this calculator to compare these two mortgage terms, and let us help you decide which term is better for you.

This is your combined state and federal tax rate. This is used to calculate your potential income tax savings by deducting your mortgage interest. Use the table below to assist you in estimating your federal 2017 tax rate.

Filing Status and Income Tax Rates 2017*

Tax rate

Married Filing Jointly or Qualified Widow(er)

Single

Head of household

Married filing separately

10%

$0 - $18,650

$0 - $9,325

$0 - $13,350

$0 - $9,325

15%

$18,650 - $75,900

$9,325 - $37,950

$13,350 - $50,800

$9,325 - $37,950

25%

$75,900 - $153,100

$37,950 - $91,900

$50,800 - $131,200

$37,950 - $76,550

28%

$153,100 - $233,350

$91,900 - $191,650

$131,200 - $212,500

$76,550 - $116,675

33%

$233,350 - $416,700

$191,650 - $416,700

$212,500 - $416,700

$116,675 - $208,350

35%

$416,700 - $470,700

$416,700 - $418,400

$416,700 - $444,550

$208,350 - $235,350

39.6%

over $470,700

over $418,400

over $444,550

over $235,350

*Caution: Do not use these tax rate schedules to figure 2016 taxes. Use only to figure 2017 estimates. Source: 2017 preliminary tax brackets subject to correction http://www.irs.gov

Monthly payment

Monthly principal and interest payment (PI). Both 30 year and 15 year mortgages are shown. This does not include escrows for items such as homeowner's insurance and real estate taxes.

Total payments

Total of all monthly payments over the full term of the mortgage. Both 30 year and 15 year mortgages are shown for comparison.

Total interest

Total of all interest paid over the full term of the mortgage. Both 30 year and 15 year mortgages are shown for comparison.

This calculator is for illustrative purposes only. The information shown is designed to provide basic information about mortgage financing. Please consult with your tax advisor to determine the tax impact of home ownership and interest deductibility for your individual circumstances.